BP CEO set to retire after a decade in charge

BP plc, the British multinational oil and gas corporation, has announced that its current CEO Bob Dudley...

BP plc, the British multinational oil and gas corporation, has announced that its current CEO Bob Dudley will retire in March 2020 after spending 40 years with the company. His successor will be Bernard Looney, who is the current CEO of the company’s Upstream division.

Looney joined BP in 1991 and has run its Upstream business since April 2016, where he has been responsible for all of the company’s oil and gas exploration, development and production activities worldwide. He has also led access into new countries, including Mauritania and Senegal, as well as creating new business models, such as Aker BP in Norway and high-grading the portfolio by acquiring onshore US assets from BHP Billiton.

As BP’s new CEO, Looney will earn an annual salary of £1.3 million.

In a statement, Looney said: “It has been a great pleasure to work with Bob and it is an honour to succeed him as chief executive. I am humbled by the responsibility that is being entrusted to me by the Board and am truly excited about both the role and BP’s future.”

Dudley, who has acted as CEO since 1 October 2010 added: “Bernard is a terrific choice to lead the company next. He knows BP and our industry as well as anyone but is creative and not bound by traditional ways of working. I have no doubt that he will thoughtfully lead BP through the transition to a low carbon future.”

Commenting on Dudley’s retirement, Lund said: “Bob has dedicated his whole career to the service of this industry. He was appointed chief executive at probably the most challenging time in BP’s history. During his tenure he has led the recovery from the Deepwater Horizon accident, rebuilt BP as a stronger, safer company and helped it re-earn its position as one of the leaders of the energy sector. This company – and indeed the whole industry – owes him a debt of gratitude.”

He added: “As the company charts its course through the energy transition this is a logical time for a change,” noting that Looney is an authentic, progressive leader, with a passion for purpose and people and a clear sense of what BP must do to thrive through the energy transition”.

Dudley will step down on 31 March 2020 after serving his 12-month notice period and delivering BP’s 2019 full year results on 4 February 2020. BP will officially welcome Looney to the board on 5 February 2020.

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